Square has a lot more competition now that Amazon and a dozen other companies are accepting swiped credit card payments, but it apparently has a fresh $100 million in the bank to help it face those rivals. According to a regulatory filing shared with Forbes and Fortune, Square has raised a Series E round from unnamed investors, bringing the valuation of the company up to $6 billion.
Last month CNBC reported that [company]Square[/company] was going after $200 million in new capital and a major new investor, the Government of Singapore Investment Corporation. It’s unclear whether this new $100 million represents only a portion of that round, or whether it is the extent of Square’s fundraising for the time being. In 2012, Square raised $200 million in a big round led by financial giants [company]Visa[/company] and [company]JPMorgan Chase[/company] as well as [company]Starbucks[/company].
Square may need the funds as it tries to grow its core point-of-sale payments business while expanding into new turf in online commerce, cash advances and peer-to-peer money transactions. Meanwhile companies dominant in those markets have been making their own moves on Square. [company]PayPal[/company], and [company]Amazon[/company] now both have their own smartphone payment networks, while startups like Shopify and big payment infrastructure giants like NCR are introducing their own tablet-based card readers.